{"url_path":"/sec/thyp/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-24","source_url":"https://www.sec.gov/Archives/edgar/data/2090011/0001213900-26-071556-index.html","accession_number":"0001213900-26-071556","cik":"0002090011","ticker":"THYP","issuer_name":"21Shares Hyperliquid ETF","edgar_url":"https://www.sec.gov/Archives/edgar/data/2090011/0001213900-26-071556-index.html","primary_entity_key":"0002090011","primary_entity_name":"21Shares Hyperliquid ETF"},"word_count":1186,"has_tables":true,"body_markdown":"thyp-20260331\n\nhttp://fasb.org/srt/2026#ChiefExecutiveOfficerMember\n\nUnlimited\n\n0002090011\n--12-31\nfalse\nQ1\n\n0002090011\n\n2026-03-18\n2026-03-31\n\n0002090011\n\nus-gaap:SubsequentEventMember\nthyp:InitialSeedCreationBasketsMember\n\n2026-05-11\n2026-05-11\n\n0002090011\n\nus-gaap:SubsequentEventMember\nthyp:InitialSeedCreationBasketsMember\n\n2026-05-11\n\n0002090011\n\n2026-01-01\n2026-03-31\n\n0002090011\n\nthyp:SponsorMember\n\n2026-03-31\n\n0002090011\n\nthyp:InitialSeedSharesMember\n\n2026-03-18\n2026-03-18\n\n0002090011\n\nthyp:InitialSeedSharesMember\nthyp:SponsorMember\n\n2026-03-18\n2026-03-18\n\n0002090011\n\nthyp:SponsorMember\n\n2026-03-18\n2026-03-31\n\n0002090011\n\nthyp:InitialSeedSharesMember\n\n2026-03-18\n2026-03-31\n\n0002090011\n\n2026-06-22\n\n0002090011\n\n2026-03-31\n\n0002090011\n\n2026-03-17\n\niso4217:USD\n\niso4217:USD\n\nxbrli:shares\n\nxbrli:shares\n\nxbrli:pure\n\nthyp:Segments\n\n \n\n \n\nUNITED\nSTATES\n\nSECURITIES\nAND EXCHANGE COMMISSION\n\nWashington,\nD.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor\nthe transition period from ___________ to ____________\n\n \n\nCommission File Number 001-43278\n\n \n\n21Shares Hyperliquid ETF\n\n(Exact\nName of Registrant as Specified in Its Charter)\n\n \n\nDelaware 39-7064755\n\n(State or other jurisdiction\nof\n \n(I.R.S. Employer\n\nincorporation or organization)\n \nIdentification No.)\n\n \n\n158 W. 27th Street\n\nNew York, New York 10001\n\n(646) 370-6016\n\n(Address, including zip code, and telephone number, including area\ncode, of registrant’s principal executive offices)\n\n \n\nSecurities\nregistered pursuant to Section 12(b) of the Act:\n\n \n\nTitle\nof each class:\n \nTrading\nSymbol(s)\n \nName\nof each exchange on which registered:\n\nShares of Beneficial Interest of 21Shares Hyperliquid ETF THYP The Nasdaq Stock Market LLC\n\n \n\nSecurities registered or to be registered pursuant to Section 12(g)\nof the Act: None.\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting\ncompany, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,\n“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated\nFiler\n☐\n \nAccelerated\nFiler\n☐\n\nNon-Accelerated Filer☒ Smaller Reporting Company☒\n\nEmerging Growth Company☒   \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No\n\n \n\nThe registrant had 2,000,000 outstanding shares as of June 22, 2026.\n\n \n\n \n\n \n\n \n\n \n\nSTATEMENT\nREGARDING FORWARD-LOOKING STATEMENTS\n\n \n\nThis\nquarterly report on Form 10-Q includes “forward-looking statements” that generally relate to future events or future performance.\nIn some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,”\n“expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,”\n“predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other\nthan statements of historical fact) included in this report that address activities, events or developments that will or may occur in\nthe future, including such matters as movements in the digital asset markets and indexes that track such movements, the operations of\n21Shares Hyperliquid ETF (the “Trust”), the plans of 21Shares US LLC (the “Sponsor”), as the sponsor of the Trust,\nand references to the Trust’s future success and other similar matters, are forward-looking statements. These statements are only\npredictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor\nhas made based on its perception of historical trends, current conditions and expected future developments, as well as other factors\nappropriate in the circumstances.\n\n \n\nWhether\nor not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number\nof risks and uncertainties, including the special considerations discussed in this report, general economic, market and business conditions,\nchanges in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world\neconomic and political developments. Consequently, all the forward-looking statements made in this report are qualified by these\ncautionary statements, and there can be no assurance that actual results or developments the Sponsor anticipates to occur will be realized\nor, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s\noperations or the value of its common shares of beneficial interest (the “Shares”).\n\n \n\nShould\none or more of these risks discussed in “Risk Factors” or other uncertainties materialize, or should underlying assumptions\nprove incorrect, actual outcomes may vary materially from those described in forward-looking statements. Forward-looking statements are\nmade based on the Sponsor’s beliefs, estimates and opinions on the date the statements are made, and neither the Trust nor the\nSponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or\nother circumstances should change, other than as required by applicable laws. Moreover, neither the Trust, the Sponsor, nor any other\nperson assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Investors are therefore cautioned\nagainst placing undue reliance on forward-looking statements.\n\n \n\nEmerging\nGrowth Company\n\n \n\nThe\nTrust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).\nFor as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to, among other things:\n(i) provide an auditor’s attestation report on management’s assessment of the effectiveness of our system of internal\ncontrol over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new\naudit rules adopted by the Public Company Accounting Oversight Board after April 5, 2012, unless the U.S. Securities and Exchange\nCommission (“SEC”) determines otherwise.\n\n \n\nThe\nTrust will cease to be an \"emerging growth company\" upon the earliest of (i) it having $1.235 billion or more in annual gross\nrevenues, (ii) the date on which the Trust is deemed to be a \"large accelerated filer,\" (iii) it issuing more than $1.0 billion\nof non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary of its initial\npublic offering.\n\n \n\nIn\naddition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition\nperiod provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), for complying\nwith new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards\nuntil those standards would otherwise apply to private companies. The Trust intends to take advantage of the benefits of the extended\ntransition period.\n\n \n\n \n\n \n\n21Shares\nHYPERLIQUID ETF\n\n \n\nTable\nof Contents\n\n \n\n[Part I.\nFINANCIAL INFORMATION](#a_001)\n1"}